Advance SCT: auditor Moore Stephens gives qualified opinion on the audited consolidated FY11 financial statements. Highlights the following:
i) accuracy of a gain on disposal ($711k) was determined based on the unaudited financial statements of certain former subsidiaries,
ii) out of proof of debt claims of $4.2m filed by certain banks, Advance SCT only recognized an amount of $0.5m as “Other Receivables” on the balance sheet, with the remaining amount not recognized in the financial statements. This compares with the co’s mkt cap of $31.3m, at the stock’s last close at 2.9cts.